Dubai SME and CBD sign partnership

Dubai, July 31, 2011

Dubai SME, the agency of the Department of Economic Development (DED) entrusted with the development of the small and medium enterprise (SME) sector, has signed a partnership agreement with Commercial Bank of Dubai to offer benefits to the top 100 SMEs.

Under the MoU, CBD will commit to develop a special SME100 package covering a complete suite of SME products such as working capital lines, trade finance products, short/medium term loans, cheques / export documents discounting and vehicle finance, designated as a priority account for a dedicated relationship manager, preferential pricing, priority transaction processing at preferential Schedule of charges, high loan/facilities amount limits, low collateral obligations, reduced fees and charges on export transactions and flexible repayment options, said a statement.

Abdul Baset, chief executive of Dubai SME, thanked CBD for its commitment and support of this critical initiative to champion the SME sector.

He said: “This is only the beginning of our SME development journey together with valued partners like CBD. I am confident that as the Dubai SME100 initiative grows in strength, more valued partners like CBD will come on board which will only benefit the development of our SMEs. Our top SMEs are growing fast all the time and we need partners like CBD to help in the enabling and grooming process, which is not only financial access but non-financial aspects as well, especially in financial management capability development”

Faisal Galadari, general manager, Business Group of Commercial Bank of Dubai said: “We have always endeavored to promote and strengthen the SME sector in the UAE. CBD and Dubai SME100 are beginning a journey towards SME development and I am confident that this partnership will grow from strength to strength to benefit the development of our SMEs leading to the prosperity of Dubai.” - TradeArabia News Service